Self-Study

Surgent's Understanding the Foreign Account Tax Compliance Act (FOR1)

  • Wednesday, May 1, 2019 – Thursday, April 30, 2020

  • 2
    CREDITS
    Taxes

The Foreign Account Tax Compliance Act (FATCA), enacted to target non-compliance by U.S. taxpayers with certain foreign financial accounts and offshore assets, requires U.S. citizens and residents who own certain foreign financial accounts and offshore assets to report those accounts and assets on Form 8938.

FATCA also requires foreign financial institutions to report information to the IRS about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. Typically, general tax practitioners encounter FATCA questions when they learn that their clients have foreign assets or foreign accounts and want to know if such items are reportable on Form 8938.

Objectives

  • Be able to complete Forms 8938 accurately and correctly
  • Be able to advise clients with respect to foreign asset required reporting

Highlights

  • Taxpayers required to file Form 8938
  • Specified foreign financial assets reportable on Form 8938
  • FATCA reporting thresholds for those individuals living in the United States and those living abroad
  • FATCA treatment of jointly owned reportable assets
  • Meaning of an reportable “interest” in a specified foreign financial interest
  • Valuing specified foreign financial assets
  • Notable exceptions from the requirement to file Form 8938
  • Mechanics of filing Form 8938
  • Penalties for failure to file
  • Form 8938 and the FBAR
  • Form 8938 and Offshore Voluntary Disclosure Program
  • Foreign Institutional reporting under FATCA

Additional Information

Designed For

Tax professionals advising clients with respect to foreign account reporting

Vendor

Surgent

Advanced Preparation

None

Credits

2.00 Taxes

Prerequisite

Basic understanding of individual income tax rules

Course Number

1925449

Level of Knowledge

Intermediate

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